First well on Angola Block 34 dry

May 10, 2002, 01:00 CEST

The first exploration well drilled on Block 34 offshore Angola has been completed and no hydrocarbons were found.

The N'Demba 1 exploration well - spudded March 24 and drilled at a water depth of 1,731 meters by drillship "Deepwater Discovery" - did not encounter hydrocarbons but revealed valuable data for further exploration of the block, the operator Sonangol P&P said in a statement.

The consequences of the well are still under evaluation. Several other prospects have been identified within the 6,000 km2 block and the Contractor Group will now consider possible targets for well number two.

Block 34 partners include operator Sonangol P&P (20 percent), Norsk Hydro (30 percent), Phillips (20 percent), Petrobras (15 percent) and Shell (15 percent). Hydro is designated Technical Assistant on Block 34.

Hydro's part in the exploration of Block 34 will be funded by approximately NOK 300 million in the second quarter 2002.